,,ii  #aadth ,,congress  #b;d ,session  
,s4 #cdec  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bh1
 #bjaf,mr4 ,daines introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend provisions in the     
securities laws relating to regulation  
crowdfunding to raise the dollar amount 
limit and to clarify certain            
requirements and exclusions for funding 
portals established by such ,act4  #a4  
,short title ,this ,act may be cited as 
the ,crowdfunding ,enhancement ,act4    
#b4 ,crowdfunding vehicles  7a7         
,amendments to the ,securities ,act of  
#aicc ,the ,securities ,act of #aicc    
7#ae ,u4,s4,c4 #gg;a et seq47 is        
amended--  7#a7 in section #d;,a7f77#c71
 by inserting by any of paragraphs 7#a7 
through 7#ad7 of before section #c7;c72 
and  7#b7 in section #d7;a77#f77;,b71 by
 inserting after any investor the       
following3 1 other than a crowdfunding  

vehicle 7as defined in section #b7;a7 of
 the ,investment ,company ,act of       
#aidj714  7b7 ,amendments to the        
,investment ,company ,act of #aidj ,the 
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#a et seq47 is amended--
 7#a7 in section #b7;a71 by adding at   
the end the following3  7#ee7 ,the term 
crowdfunding vehicle means a company--  
7,a7 whose purpose 7as set forth in its 
organizational documents7 is limited to 
acquiring1 holding1 and disposing       
securities issued by a single company in
 one or more transactions and made      
pursuant to section #d7;a77#f7 of the   
,securities ,act of #aicc2  7,b7 which  
issues only one class of securities2    
7,c7 which receives no compensation in  
connection with such acquisition1       
holding1 or disposition of securities2  
7,d7 no associated person of which      
receives any compensation in connection 
with such acquisition1 holding or       
disposition of securities unless such   
person is acting as or on behalf of an  

investment adviser registered under the 
,investment ,advisers ,act of #aidj or  
registered as an investment adviser in  
the ,state in which the investment      
adviser maintains its principal office  
and place of business2  7,e7 the        
securities of which have been issued in 
a transaction made pursuant to section  
#d7;a77#f7 of the ,securities ,act of   
#aicc1 where both the crowdfunding      
vehicle and the company whose securities
 it holds are co-issuers2  7,f7 which is
 current in its ongoing disclosure      
obligations under ,rule #bjb of         
,regulation ,crowdfunding 7#ag ,c4,f4,r4
 #bbg4bjb72  7,g7 the company whose     
securities it holds is current in its   
ongoing disclosure obligations under    
,rule #bjb of ,regulation ,crowdfunding 
7#ag ,c4,f4,r4 #bbg4bjb72 and  7,h7 is  
advised by an investment adviser        
registered under the ,investment        
,advisers ,act of #aidj or registered as
 an investment adviser in the ,state in 
which the investment adviser maintains  

its principal office and place of       
business4  2 and  7#b7 in section       
#c7;c71 by adding at the end the        
following3  7#ae7 ,any crowdfunding     
vehicle4  4  #c4 ,crowdfunding exemption
 from registration ,section #ab7;g77#f7 
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #ghl7g77#f77 is    
amended-- 7#a7 by striking ,the         
,commission and inserting the following3
  7,a7 ,in general ,the ,commission  2  
7#b7 by striking section #d7f7 and      
inserting section #d7;a77#f72 and  7#c7 
by adding at the end the following3     
7,b7 ,treatment of securities issued by 
certain issuers ,an exemption under     
subparagraph 7,a7 shall be unconditional
 for securities offered by an issuer    
that had a public float of less than    
#ge1jjj1jjj as of the last business day 
of the issuer's most recently completed 
semiannual period1 computed by          
multiplying the aggregate worldwide     
number of shares of the issuer's common 
equity securities held by non-affiliates

 by the price at which such securities  
were last sold 7or the average bid and  
asked prices of such securities7 in the 
principal market for such securities or1
 in the event the result of such public 
float calculation is zero1 had annual   
revenues of less than #ej1jjj1jjj as of 
the issuer's most recently completed    
fiscal year4  4